May 2023
The Victoria Spring market is well underway. This year has been slower than usual, and the continued high interest rates combined with lower-than-normal inventory levels are keeping sales numbers on the lower side, resulting in a more balanced market for Buyers and Sellers. Overall prices have remained stable while some neighbourhoods are experiencing a slight uptick in prices. These current market conditions should continue into the near future. The long term forecast will depend on where interest rates go from here.
Below are some of the statistics for April 2023
Listing Inventory:
There were 2,043 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2023, an increase of 3.7 % compared to the previous month of March and a 49.7 % increase from the 1,365 active listings for sale at the end of April 2022. The current inventory is still significantly below the seasonal 10-year average, but with high interest rates keeping Buyers on the sidelines, the market remains quite balanced.
Sales:
A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 % fewer than the 824 properties sold in April 2022 but an 8 % increase from March 2023. Sales of condominiums were down 21.8 % from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 % from April 2022 with 325 sold. These sales numbers are considerably lower than the seasonal averages over the last 5 years. Until listing inventory increases, and interest rates start to drop, Victoria sales numbers are going to remain on the lower side.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2022 was $1,424,900. The benchmark value for the same home in April 2023 decreased by 11.3 % to $1,264,200, which is up from March’s value of $1,236,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2022 was $630,200, while the benchmark value for the same condominium in April 2023 decreased by 10.3 % to $565,000, which is up from the March value of $560,300. There was a slight uptick in prices in the core of Victoria for the first time in close to a year, while the average prices in the Westshore continued to drop slightly. Overall, the average prices should remain stable in the coming months.
If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com
